payment systems - Banco Central del Ecuador

UNIFIED SYSTEM FOR REGIONAL COMPENSATION
PAYMENT SYSTEMS
The payment system is an operational network. The
payment system is the infrastructure established to
effect the transfer of monetary value between
countries discharging mutual obligations. It is mainly
used for transfering values from international trade
fast and efficiently.
The payment transactions are accumulated in the
accounts of each country. At the end of a given
period (previously agreed) all the transactions are
settled across accounts showing a surplus or defict
balance for each country.
REGIONAL PAYMENT SYSTEMS
Latin American
Integration
Association
It is a payment mechanism that lies
within this international and regional
organization formed by 12 countries
from South America. This mechanism
allows electronic funds transfering.
The funds come from international
trade.
Features:
• The commercial operation is agreed
in USD.
• The final settlement between
Central Banks is done in USD.
• There might be a comission fee. It
depends on each country s policy.
System in
local
Currencies
It is a payment mechanism signed
between Argentina and Brazil. It
allows argentinian and brazilian
exporters and importers to transfer
funds electronically.
Features:
• The Commercial operation is
agreed in local currency of the
exporting country.
• The final settlement between
Central Banks is done in USD .
• Fees are charged to authorized
entities when it comes to returns.
General
Benefits
Reduces the time
For international
payments
(in real time)
Allows the use of the
local currency in their
Payments and
collections of
Foreign trade
Simplifies the
Commercial and
Financial
Transactions between
importer and
Exporter
Provides security
In the settlement of
Payments through a
Robust and reliable
system
Eliminates
Transaction costs and
Mitigate currency
risks
Supports the insertion of
SMES and associative
Enterprises with
Foreign trade
Helps to optimize the
Cash flows of the
Business
STRUCTURE AND OPERATION
SCHEME
System Structure
Regional Monetary Council
Unit of Account “sucre”
Agent Bank – Clearing House
For the
exclusive use of
the Central
Banks of the
member
countries
Reserve Fund and Regional
Convergence
Central Banks
DETALLE PARA REALIZAR
OPERACIONES POR EL SUCRE
Importer and Exporter
agree the transaction
(currency; method of
payment, other terms
and conditions).
Importer and Exporter
sign the commercial
contract: including the
payment through
SUCRE clause, or
proforma invoice
issued by the exporter
which shall be
submitted by the
importer to the
Authorized Bank.
Importer and
Exporter obtained
the permits
required in their
countries to
foreign trade
operations
.
SETTLEMENT
PAYMENT IN LOCAL CURRENCY
VENEZUELA
BOLIVIA, CUBA,
ECUADOR, NICARAGUA
3
TRANSFER IN “SUCRES” (XSU)
CENTRAL BANK OF
VENEZUELA
4
2
SEND THE
BOLÍVARES TO
THE CENTRAL
BANK OF
VENEZUELA
CONVERTS THE
XSU IN LOCAL
CURRENCY AND
DEPOSITS THEM IN
THE ACCOUNT OF
THE EXPORTER
VENEZUELAN
AUTHORIZED BANK
AUTHORIZED BANKS IN BOLIVIA,
CUBA, ECUADOR, NICARAGUA
5
1
PAYMENT
IN
BOLÍVARES
VENEZUELAN
IMPORTER
CENTRAL BANK OF
BOLIVIA, CUBA,
ECUADOR, NICARAGUA
PAYS IN BOB,, NIO,
USD (LOCAL
CURRENCY FROM
EACH COUNTRY)
BOLIVIAN, CUBAN, NICARAGUAN
OR ECUATORIAN EXPORTER
AUTHORIZED BANKS TO
OPERATE IN THE SUCRE
SYSTEM
1. Banco del Pichincha
2. Banco Capital
3. Banco de Machala
4. Banco Sudamericano
5. PRODUBANCO
6. Banco Internacional
7. Banco Nacional de Fomento
8. Banco del Pacífico
9. Banco Central del Ecuador
10. Banco Amazonas
11. PROMERICA
12. Cooperativa de Ahorro y Crédito de la Cámara
de Comercio de Ambato
13. Cooperativa de Ahorro y Crédito “El
Discapacitado”
14. Financiera de la República, FIRESA
In an import operation
creates a debit
authorization
(resource mobilization)
EVOLUTION OF THE OPERATIONS
EVOLUTION OF
THE OPERATIONS
2013
SUCRE: Transfers channelled by Ecuador
Period 2010 – 2013, in millons of USD
834.7
822.9
219.1
2.5
2010*
75.7
43.2
4.7
2011
POR EXPORTACIONES
5.6
2012
POR IMPORTACIONES
*/Ecuador started its operations in the SUCRE on July 6th, 2010
2013
CONTACT US
Verónica Coronel
vacoronel@bce.ec
(02) 2572-522 ext. 2564
Romeo Carrión
rcarrion@bce.ec
(02) 2572-522 ext. 2119
Carolina Garzón
ecgarzon@bce.ec
(02) 2572-522 ext. 4042
Ilich Aguirre
iaguirre@bce.ec
(02) 2572-522 ext. 2880
www.bce.ec